Namibia Increases Diamond Output

The diamond output of Namibia rose more than double in the second quarter compared to the first,said Paul Hartmann, the Deputy Governor of the Bank of Namibia. However the number of carats mined were not disclosed.

According to Bloomberg the output of diamonds declined by 48% compared with the same period an year earlier.

Hartmann said that the increase was attributed to the resumption of on-shore mining operations in the second quarter of 2009. There has been a production holiday since the fourth quarter of 2008. He also noted that the output for the last quarter of 2009 is expected to be lower than in 2008 as the global economic recession continues to depress demand.

Presently Namibia is the only country in the world, where diamonds are mined offshore. The offshore diamond mining is carried out by a Canadian company, Diamond Fields International Ltd. Namdeb, the biggest diamond producing company in Namibia, it is a joint venture  between De beers and the Government of Namibia. De beers is the worlds largest diamond producer. Namibia’s biggest foreign exchange earners are diamonds, tourism and fishing.

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